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[Tor]

It's Not Just Chinese Daytraders The Chinese stock market has perhaps become the world's most speculative stock market. Valuations appear quite extreme relative to fundamentals (see our report from several weeks ago that compared valuations and fundamentals for 36 countries), and day trading has become the rage. Many western investors consider themselves too sophisticated to get caught up in this mania. Don't be so sure. Savita Subramanian, Senior U.S. Quantitative Strategist, points out in the latest issue of the "ADR Performance Monitor" that the May performance of Chinese ADRs basically doubled the similar performance of the local Chinese market. Although these indices differ in construction, it may be the case that Chinese mania is stronger in the US than it is in China!